EXHIBIT 12.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
Year Ended December 31,
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1994 1993 1992 1991 1990
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EARNINGS:
Income from continuing operations
before income taxes and changes
in accounting principles $ 3,728 $ 3,185 $ 2,746 $ 2,383 $ 2,014
Fixed charges 236 213 207 222 255
Less capitalized interest, net (5) (16) (10) (8) (8)
Equity income, net of dividends (4) (35) (30) (16) (94)
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Adjusted earnings $ 3,955 $ 3,347 $ 2,913 $ 2,581 $ 2,167
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FIXED CHARGES:
Gross interest incurred $ 204 $ 184 $ 181 $ 200 $ 238
Interest portion of rent expense 32 29 26 22 17
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Total fixed charges $ 236 $ 213 $ 207 $ 222 $ 255
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Ratios of earnings to fixed charges 16.8 15.7 14.1 11.6 8.5
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The Company is contingently liable for guarantees of indebtedness of independent bottling companies
and others (approximately $170 million at December 31, 1994). Fixed charges for these contingent
liabilities have not been included in the computations of the above ratios as the amounts are
immaterial and, in the opinion of Management, it is not probable that the Company will be required
to satisfy the guarantees.